Should kids contribute to family income?
You can't ask your kids to contribute to the family budget without making some sacrifices yourself.
This post comes from Miranda Marquit at partner blog Bargaineering.
For many families, the recession still hasn't ended. While technically the Great Recession has been over for about three years, practically speaking, many families are still feeling the pinch. As a result, some are getting creative about side businesses they are ready to start, as well as how they bring money into the family.
In some cases, this might include encouraging children to get summer jobs and help contribute to the family finances. Indeed, parents can ask kids to contribute to family finances in a variety of ways.
Put kids to work at the family business
A business owner could ask the kids to help clean up, serve customers or do some of the filing. This can cut expenses of a family business, while giving kids good work experience. While many parents would like to pay their kids for this kind of work, when money is tight, that might not be an option. (Post continues below.)
Cut the allowance
Whether you give your children an allowance or pay your kids for chores, you might need that money for groceries instead of being used by your kids to buy a new video game. If you are in financial straits, paying an allowance or paying for chores, might no longer be an option if you want to maintain some level of financial responsibility.
Appropriate money from outside jobs
Some families make the difficult decision to appropriate money from their children's outside jobs. If your teenager has an after-school job, the money made can be a valuable addition to the family. When that is the case, you might feel justified asking for a portion of the baby-sitting money or the lawn care money. Kids can be amendable to this idea -- as long as it's clear that the money is needed for the good of the family.
Help your child understand your decision
If you do decide that your children need to contribute to the family finances, it's important that you be honest and upfront about the situation. Explain that you are going through a difficult time, and that you would appreciate it if the child could help by taking a pay cut in allowance, by working at the family business for a few hours a week or by contributing after-school earnings to the food budget.
Realize, though, that you can't ask your child to make such sacrifices without making some yourself. Show your child that you are sacrificing by forgoing some of your favorite activities or by selling some of your stuff. If you are still having "date nights" while your kids are stuck at home, they will become resentful.
You should also make it a point to talk about how everyone is helping, and thank your child for being an important part of the effort. When kids feel that they are making a real difference, they are more likely to want to help.
What do you think? Should kids have to help maintain financial stability of a family?
More on Bargaineering and MSN Money:
I completely agree with having children help out when it is necessary. About 14 yeas ago I was a divorced, unemployed, single mom of two sons. Unemployment and child support barely paid the rent, insurance and utilities - there wasn't much left over for food or other necessities.
My sons at 14 and 16 would mow lawns and do other handy man jobs and give me most of the money they earned so that I could buy groceries for our table. Thankfully, we only were in the situation for a few months. To this day, I still let my sons know how much I appreciated their help.
I feel there are better men because of the hardships we went through. My oldest son is married and business owner and he's doing very well. My younger son is a disabled Iraq war vet that cannot work but has managed his disability pay so that 18 months ago he bought his own house and is now looking for someone to share it with him and start a family.
If you talk to your children and let them know what is going on they will appreciate the knowledge and help if they can. They are NOT stuipid. They will help!!! For most people I think you will find these situations are not long term.
Yes....that would be acceptable.
After the chores...they can contribute %10 of earnings.
A great way to teach them financial responsibility....We must get them out of the mind set that they have entitlements.....remember they will be in charge of our cities, states & federal government very soon.
first of all no one is advocating TAKING anything. The article is about your child contributing to the greater good and welfare of the family. However they can, by chores, watching the younger one while the parent work a little longer instead of playing video games with friends, mowing the yard instead of having to pay someone, etc. Contribution is not only about MONEY.
Aw, who needs High School, put the kids to work after the 8th grade just like we used to.
Thank goodness we have the Koch Brothers to take care of us to create jobs with livable wages.
Thank goodness we have ALEC pushing anti work regulation laws on all our Koch bought and paid for politicians, too.
Long live the newest Corporate Citizens (Citizens United, just upheld, again, by the highest court of the land), who have taken care of us so well these last 40 years...
I think it should ALWAYS have been this way. Americans have gotten the idea of "making a better life for our children" twisted and now we have a generation of spoiled lazy numnuts who expect things instead of knowing how to WORK for it and understand what teamwork and effort feels like. Back in the day kids always contributed because when you are A PART of something that is what you do. like on a farm. some families still operate that way. That is how I was raised. and any kid of mine, nieces, nephews they come to my house they will be put to work and helpif necessary. lol.
I believe that is the way it is SUPPOSED to be. otherwise you raise selfish, self centered children. Are those kids likely to turn around and help the parents when they are older.????
My youngest brother ,last of four, did not have to "earn his keep" and he is struggling; to grow up/mature and get his act together. I know it becuase he was spoiled. he was let off the hook one too many times with his responsibilites. My mother has finally been able to admit that.
I think it should ALWAYS have been this way. Americans have gotten the idea of "making a better life for our children" twisted and now we have a generation of spoiled lazy numnuts who expect things instead of knowing how to WORK for it and understand what teamwork and effort feels like. Back in the day kids always contributed because when you are A PART of something that is what you do. like on a farm. some families still operate that way. That is how I was raised. and any kid of mine, nieces, nephews they come to my house they will be put to work and helpif necessary. lol.
I believe that is the way it is SUPPOSED to be. otherwise you raise selfish, self centered children. Are those kids likely to turn around and help the parents when they are older.????
My youngest brother ,last of four, did not have to "earn his keep" and he is struggling; to grow up/mature and get his act together. I know it becuase he was spoiled. he was let off the hook one too many times with his responsibilites. My mother has finally been able to admit that.
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